Best & Worst Places to Rent in America

Adam McCann, Financial WriterJul 21, 2021

Adam McCann, Financial Writer
Jul 21, 2021

Homeownership isn’t for everyone. Roughly 44 million American households have opted to rent rather than buy their homes because of convenience, cost or both. But renting isn’t always a cheaper or better alternative to owning a property. The right road to take depends on a variety of factors, including an individual’s or family’s financial means and how well the local real-estate market is doing.

As more people have been vaccinated against COVID-19 and states have reopened, rental prices have hit the highest level in two years, after being relatively low in 2020. Meanwhile, mortgage rates are also starting to rise again. Like home prices, however, rental rates can vary significantly by region, state or city. And in some places, renting will prove to be more cost-effective and a better overall value than owning.

To determine where renters can get the most bang for their buck, WalletHub compared more than 180 rental markets based on 22 key measures of rental attractiveness and quality of life. Our data set ranges from the difference between rental rates and mortgage payments to historical price changes, the cost of living and job availability.

Table of Contents

Main Findings

Best Places to Rent

Overall Rank	City	Total Score	Rental Market & Affordability	Quality of Life
1	Sioux Falls, SD	65.26	1	89
2	Cedar Rapids, IA	63.86	5	43
3	Overland Park, KS	62.12	14	15
4	Fargo, ND	62.04	3	93
5	Lincoln, NE	61.86	26	5
6	Columbia, MD	61.10	18	11
7	Bismarck, ND	60.77	2	123
8	El Paso, TX	60.16	37	12
9	Lewiston, ME	59.97	21	20
10	Nashua, NH	59.74	34	9
11	Omaha, NE	59.48	22	34
12	Scottsdale, AZ	59.00	60	3
13	Portland, ME	58.41	83	1
14	Gilbert, AZ	58.19	43	22
15	Huntsville, AL	58.08	7	100
16	Des Moines, IA	57.91	13	63
17	Madison, WI	57.90	70	6
18	Chandler, AZ	57.77	53	16
19	South Burlington, VT	57.42	68	4
20	Peoria, AZ	57.26	42	25
21	Raleigh, NC	56.67	32	47
22	Manchester, NH	56.47	38	37
23	Rapid City, SD	56.38	4	148
24	Juneau, AK	56.25	15	83
25	Boise, ID	56.19	104	8
26	Casper, WY	56.11	6	142
27	Plano, TX	55.39	110	7
28	Cheyenne, WY	55.05	16	101
29	Tucson, AZ	54.80	61	36
30	Austin, TX	54.70	93	17
31	Lexington-Fayette, KY	53.73	40	66
32	Brownsville, TX	53.42	57	51
33	Billings, MT	53.34	11	138
34	Durham, NC	53.22	29	96
35	Glendale, AZ	53.09	88	40
36	Rochester, NY	53.00	45	68
37	Virginia Beach, VA	52.75	39	88
38	Charleston, SC	52.61	74	44
39	Santa Rosa, CA	52.58	149	2
40	Mesa, AZ	52.49	94	42
41	Fremont, CA	52.34	150	13
42	Amarillo, TX	52.25	31	111
43	Laredo, TX	51.81	91	45
44	Pittsburgh, PA	51.69	71	65
45	San Francisco, CA	51.43	141	18
46	Warwick, RI	51.33	106	41
47	Seattle, WA	51.20	108	46
48	Tampa, FL	51.14	140	26
49	San Diego, CA	51.13	146	21
50	Columbia, SC	51.03	28	128
51	Grand Rapids, MI	51.00	64	76
52	San Jose, CA	50.99	145	24
53	Buffalo, NY	50.83	47	105
54	Tempe, AZ	50.66	95	52
55	Orlando, FL	50.62	124	38
56	Grand Prairie, TX	50.57	131	28
57	Las Cruces, NM	50.47	33	132
58	Corpus Christi, TX	50.23	35	127
59	Irvine, CA	50.13	158	23
60	Newport News, VA	50.06	25	146
61	San Antonio, TX	50.04	78	81
62	Phoenix, AZ	50.02	100	60
63	Chesapeake, VA	49.90	17	152
64	Winston-Salem, NC	49.88	58	106
65	Kansas City, MO	49.85	30	134
66	Fort Wayne, IN	49.85	46	120
67	Knoxville, TN	49.83	73	86
68	Oxnard, CA	49.81	147	27
69	Fort Worth, TX	49.77	107	59
70	Oklahoma City, OK	49.61	48	119
71	Denver, CO	49.60	77	84
72	Yonkers, NY	49.57	136	32
73	St. Petersburg, FL	49.55	143	39
74	Anchorage, AK	49.53	9	169
75	Burlington, VT	49.48	102	57
76	Aurora, IL	49.37	97	69
77	Missoula, MT	49.32	63	102
78	Cincinnati, OH	49.30	72	97
79	West Valley City, UT	49.24	87	82
80	Henderson, NV	49.09	80	94
81	Little Rock, AR	48.98	10	170
82	Portland, OR	48.91	109	75
83	Colorado Springs, CO	48.91	92	87
84	Albuquerque, NM	48.91	23	154
85	Mobile, AL	48.86	12	171
86	Charlotte, NC	48.56	49	129
87	Honolulu, HI	48.51	96	90
88	Reno, NV	48.34	125	58
89	Bakersfield, CA	48.31	52	130
90	Chattanooga, TN	48.29	55	131
91	Fayetteville, NC	48.26	19	167
92	Irving, TX	48.25	115	79
93	St. Louis, MO	48.04	27	153
94	Norfolk, VA	47.91	41	140
95	Minneapolis, MN	47.75	121	78
96	Pembroke Pines, FL	47.75	167	19
97	Salt Lake City, UT	47.66	81	110
98	Columbus, OH	47.66	90	108
99	Louisville, KY	47.60	66	124
100	Fort Smith, AR	47.50	8	180
101	Arlington, TX	47.42	126	73
102	Chula Vista, CA	47.40	127	70
103	Greensboro, NC	47.39	56	135
104	Washington, DC	47.34	82	114
105	Jacksonville, FL	47.30	130	72
106	Houston, TX	47.28	101	104
107	Huntington Beach, CA	47.04	172	14
108	Worcester, MA	46.98	86	116
109	New York, NY	46.91	144	64
110	Wichita, KS	46.83	20	168
111	Nampa, ID	46.72	129	74
112	Pearl City, HI	46.70	120	77
113	Nashville, TN	46.56	85	122
114	Jersey City, NJ	46.47	122	95
115	Salem, OR	46.47	98	113
116	Garland, TX	46.43	156	55
117	Cape Coral, FL	46.35	173	10
118	Rancho Cucamonga, CA	46.12	160	49
119	St. Paul, MN	46.11	133	91
120	Port St. Lucie, FL	46.08	169	33
121	Springfield, MO	45.99	24	175
122	Santa Clarita, CA	45.79	170	31
123	Oceanside, CA	45.79	168	35
124	Chicago, IL	45.78	112	115
125	Lubbock, TX	45.72	59	149
126	Spokane, WA	45.60	113	112
127	Dallas, TX	45.59	139	92
128	Fontana, CA	45.50	142	80
129	Aurora, CO	45.39	103	126
130	Tulsa, OK	45.36	67	145
131	Vancouver, WA	45.35	151	67
132	Fresno, CA	45.29	89	133
133	Dover, DE	45.05	50	162
134	Las Vegas, NV	44.95	119	117
135	Indianapolis, IN	44.94	51	157
136	Riverside, CA	44.78	134	107
137	Bridgeport, CT	44.67	166	48
138	Montgomery, AL	44.54	62	156
139	Providence, RI	44.35	116	125
140	Milwaukee, WI	44.20	76	147
141	Atlanta, GA	44.01	99	141
142	Augusta, GA	43.91	44	174
143	Charleston, WV	43.82	36	179
144	Tallahassee, FL	43.64	132	118
145	Sacramento, CA	43.53	174	50
146	Anaheim, CA	43.30	175	54
147	Boston, MA	43.23	159	98
148	Glendale, CA	42.92	179	30
149	Wilmington, DE	42.72	105	150
150	Moreno Valley, CA	42.71	157	103
151	Akron, OH	42.69	114	143
152	Baltimore, MD	42.60	54	172
153	New Haven, CT	42.45	153	109
154	Ontario, CA	42.20	165	85
155	Garden Grove, CA	42.18	180	29
156	Gulfport, MS	42.05	84	165
157	Long Beach, CA	41.90	176	62
158	Fort Lauderdale, FL	41.84	162	99
159	Miami, FL	41.77	178	56
160	Los Angeles, CA	41.71	177	61
161	Richmond, VA	41.60	69	173
162	Tacoma, WA	41.43	155	121
163	Philadelphia, PA	41.24	128	144
164	Birmingham, AL	40.82	117	158
164	Columbus, GA	40.82	65	177
166	Toledo, OH	40.66	123	155
167	Shreveport, LA	40.19	75	176
168	Baton Rouge, LA	40.06	111	166
169	North Las Vegas, NV	40.03	118	159
170	Modesto, CA	40.02	154	137
171	Hialeah, FL	39.58	182	53
172	Santa Ana, CA	39.41	181	71
173	Oakland, CA	39.03	164	136
174	Newark, NJ	38.89	163	139
175	Stockton, CA	38.79	137	160
176	Jackson, MS	38.72	135	164
177	Cleveland, OH	38.54	138	161
178	San Bernardino, CA	36.07	161	163
179	New Orleans, LA	36.06	171	151
180	Memphis, TN	35.88	79	182
181	Detroit, MI	34.40	152	178
182	Huntington, WV	33.87	148	181

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that city, where a rank of 1 represents the best conditions for that metric category.

artwork 2021 best worst cities for renters

Ask the Experts

Finding a suitable rental unit is a similar process to buying a home. Your search may be based purely on cost or also on needs, such as the number of bedrooms or close proximity to work. For guidance, we asked a panel of experts to share their thoughts on the following key questions:

What tips do you have for a person looking to get the best value in an apartment?
What are the most common mistakes that renters make when searching for a new apartment?
In evaluating the best and worst cities for renters, what are the top five indicators?
What listing details have become more important when searching for a place to rent during the current economic crisis?
Are the fastest growing cities a good place for renters? Why?
Will the way the cities handled the COVID-19 health crisis influence in any way the renter's choice when looking for an apartment?
How can local policymakers make housing more affordable for renters without upsetting homeowners?

Ask the Experts

N. Kundan Kishor
Ph.D. – Professor, Graduate Advisor, Economics, College of Letters & Science – University of Wisconsin-Milwaukee
Read More

Jim Brau
Ph.D. – Professor of Finance, Marriott School of Management – Brigham Young University
Read More

J. David Chapman
Ph.D. – Realty1, LLC, Owner/Broker; University of Central Oklahoma, Professor; City of Edmond, Ward 1 City Councilman; State of Oklahoma, Real Estate Commissioner
Read More

Richard J. Sobelsohn
Adjunct Professor School of Law – Fordham University
Read More

Pawan Jain
Ph.D., CFA, CFP® – Assistant Professor of Finance; AICPA® Blockchain Certified, John Chambers College of Business and Economics – West Virginia University
Read More

Methodology

In order to determine the best local rental markets, WalletHub compared 182 cities — including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state — across two key dimensions, “Rental Market & Affordability” and “Quality of Life.”

We evaluated those dimensions using 22 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for renters. Data for metrics marked with an asterisk (*) were available at the state level only.

Finally, we determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample. Our sample considers only the city proper in each case and excludes cities in the surrounding metro area.

Rental Market & Affordability – Total Points: 60

Share of Renters: Full Weight (~3.24 Points)
Note: This metric specifically measures the share of renter occupied housing units among total occupied housing units.
Rental Vacancy Rate: Full Weight (~3.24 Points)
Sublet Laws-Friendliness*: Full Weight (~3.24 Points)
Average Home Square Footage: Half Weight (~1.62 Points)
Share of Newer Homes: Full Weight (~3.24 Points)
Note: “Newer Homes” include housing units built between 2010 and 2019.
Rental Affordability: Triple Weight (~9.73 Points)
Note: This metric was calculated as follows: Median Gross Rent / Median Annual Household Income.
Share of Apartment Community Pillar Listings: Full Weight (~3.24 Points)
Note: A Community Pillar landlord has agreed to relax their standard tenant screening process in order to help applicants with potential rental barriers—such as low incomes, spotty credit scores, unemployment, or lack of housing references—be able to obtain housing.
Historical Rental-Price Changes: Triple Weight (~9.73 Points)
Note: This metric specifically measures the year-over-year change in rent prices (2021 vs. 2020 vs. 2019).
Share of Severely Cost-Burdened Renter Households: Full Weight (~3.24 Points)
Note: “Severely Cost-Burdened Renter Households,” as defined by the U.S. Department of Housing and Urban Development, refers to consumers who spend at least 50 percent of their income on housing.
Average Annual Renters-Insurance Premium*: Full Weight (~3.24 Points)
Rent-to-Price Ratio: Full Weight (~3.24 Points)
Cost of Living: Triple Weight (~9.73 Points)
Security-Deposit Limit*: Full Weight (~3.24 Points)
Note: This metric measures the maximum security-deposit amount that landlords are allowed to charge in the state. A lower amount is ideal for renters.

Quality of Life – Total Points: 40

City Satisfaction Ranking: Full Weight (~4.00 Points)
Job Market: Full Weight (~4.00 Points)
Note: This metric is based on WalletHub’s “Best & Worst Cities for Jobs” ranking.
Driver-Friendliness: Half Weight (~2.00 Points)
Note: This metric is based on WalletHub’s “Best & Worst Cities to Drive in” ranking.
Recreation-Friendliness: Full Weight (~4.00 Points)
Note: This metric is based on WalletHub’s “Best & Worst Cities for Recreation” ranking.
Weather: Half Weight (~2.00 Points)
Note: This metric is based on WalletHub’s “Cities with the Best & Worst Weather” ranking.
Quality of Public School System: Half Weight (~2.00 Points)
Note: This metric is based on GreatSchools.org’s ratings of U.S. public schools.
Safety: Double Weight (~8.00 Points)
Note: This metric measures the violent- and property-crime rates.
Presence of State Bedbug Laws*: Half Weight (~2.00 Points)
Note: This binary metric measures the presence or absence of bedbug laws in the state. Bedbug laws address bedbug infestations in rental properties.
Percentage of Residents Who Are Fully Vaccinated: Triple Weight (~12.00 Points)

Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Council for Community and Economic Research, Zillow, Harvard Joint Center for Housing Studies, Insurance Information Institute, Department of Housing and Urban Development, Flex Zone, Gallup, Federal Bureau of Investigation, GreatSchools.org, NOLO, National Association of REALTORS, Muller Media, Centers for Medicare & Medicaid Services and WalletHub research.

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